3 Best Secured Credit Cards – Boost Your Credit Score

If you have bad credit or don’t have a credit history at all then a secured credit card is what you need. A secured credit card is a great option for you if you have little or no credit history. It gives you the chance to build a credit history as you make everyday purchases on your card and pay your bill on time every month. Unlike traditional credit cards, a secured credit card requires a security deposit.

Here are what I believe to be the 3 Best Secured Credit Cards:

1. Discover it Secured Credit Card

Details:

• This card requires a refundable security deposit up to the amount you’re approve for or at least $200 which will establish your credit line.
• Discover will automatically begin reviewing your account starting at 8 months to see if they can transition you to an unsecured line of credit.
• Earn 2% cash back at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
• Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically!

The reason I love this card is that it’s the only secured card that I know of that allows you to earn rewards.

2. Capital One Secure Platinum Card

Details: 

• Required security deposit of $49, $99 or $200 depending on your creditworthiness
• Make the minimum required security deposit and you’ll get an initial credit line of $200. Plus, deposit more money before your account opens to get a higher credit line.
• Get access to a higher credit line after making your first 5 monthly payments on time.
• Pick your own monthly due date and payment method—check, online or at a local branch.

3. Citi Secure Mastercard

Details:

• Required security deposit between $200 – $2,500 when submitting an application. Once your security deposit is received and you are approved, your credit limit will be equal to the amount of the security deposit you’ve submitted.
• Your security deposit will be held in a Collateral Holding Account for 18 months and will not earn interest.

Bottom Line:

If you have bad credit or no credit history then I recommend opening a secured credit card as soon as possible in order to start building your credit history. This way you can then apply for better credit cards with richer rewards in the future and get favorable interest rates on other loans.

If you have any questions, comment below or tweet me @pointspointers or email me at ramy@pointspointers.com

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